Life Care Planning and Medicaid

The high cost of long-term care has made planning a critically important issue for most middle class seniors and their families. In fact, most seniors will likely require some form of long-term care. Sadly, many of them are unprepared for the significant financial burdens it places on their family’s hard-earned savings. Financial devastation looms large for a family facing ongoing care at a rate of $10,000 or more per month.

Long-Term Care Options

While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many can’t afford the high cost of long-term care insurance or, worse, because of age or medical condition cannot qualify for it. If you do have long-term care insurance, be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in a facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care.

We work with care managers to assess your options, from care at home, day care centers, retirement communities, assisted living, and nursing-homes. A life care plan includes a review of government benefits, like Veterans' Aid and Attendance, day care centers, and Medicaid eligibility. We can assist and advise you regarding family care agreements, long-term care insurance contracts, contracts with nursing homes, and continuing-care retirement.

Medicaid Eligibility

The other option to pay for care is Medicaid. A joint federal-state program, Medicaid provides medical assistance to low-income individuals, including those 65 or older, disabled or blind. Medicaid is the single largest payer of nursing-home bills in America and serves as the option of last resort for people who have no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, federal minimum standards and guidelines must be observed.

Medicaid eligibility with respect to long-term care is related to a myriad of regulations involving look-back periods, income caps, transfer penalties and waiting periods to plan around.

Our law firm has the experience and expertise to help avoid the financial ruin associated with the high cost of long-term care and to maximize your eligibility for Medicaid. Contact us today to start understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.